EU LAW FIRM provides legal assistance in clients bankruptcy proceedings both legal and natural persons.

EU LAW FIRM provides legal assistance in clients bankruptcy proceedings for both legal and natural persons.

In Latvia there are certain features under which legal persons are examined whether they have any of the bankruptcy features in hand. 

Below you will find the bankruptcy features under which under Latvian law companies are examined and in case of necessity an application for bankruptcy is filed.

Insolvency proceedings of a legal person shall be applied to a debtor if any of the following features of the insolvency proceedings of a legal person exists:  

- when applying compulsory execution means it has not been possible to execute the court adjudication regarding the recovery of debt from the debtor;  

- the debtor a limited liability company or a joint stock company - has not honoured one or more debt obligations from which the principal debt amount separately or in total exceeds 4268 euros and which are past due, and the creditor or creditors have issued or sent a warning at the sender's own expense to the legal address of the debtor regarding the intention to submit an application for the insolvency proceedings of a legal person, and the debtor has not settled the debt or raised justified objections to the claim within three weeks after handing over of the warning to the postal merchant;  

- the debtor has not honoured one or more debt obligations from which the principal debt amount separately or in total exceeds 2134 euros and which are past due, and the creditor or creditors have issued or sent a warning at the sender's own expense to the legal address of the debtor regarding the intention to submit an application for the insolvency proceedings of a legal person, and the debtor has not settled the debt or raised justified objections to the claim within three weeks after handing over of the warning to the postal merchant;  

- the debtor has not paid an employee the work remuneration in full, compensation for damages in connection with an accident at work or an occupational disease or has not made the mandatory social insurance payments within two months after the day specified for payment. Unless the day of payment of work remuneration is specified in the employment contract, this day shall be considered to be the first working day of the following month;  

- the debtor has not honoured its obligations which are past due for more than two months;  

- according to the initial financial report of liquidation the debtor has insufficient assets to satisfy all the justified claims of the creditors, or this condition is discovered during the course of liquidation;  

 

In case your company has one of the below bankruptcy features, or other features that may seem as a reason for initiating bankuptcy and insolvency procedures as well for natural person, do not hesitate to contact EU LAW FIRM bankruptcy lawyers in Latvia and send the application for legal aid to - info@eulawfirm.eu